Mumbai: AIF Capital, a Hongkong-based private equity firm, has invested $40 million (Rs175 crore at current exchange rates) for a minority stake in Mumbai-based female oral contraceptive maker Famy Care Ltd.
The privately-held Famy Care is focused both on government supply into the local market, as well as exports to about 60 countries.
A person familiar with the deal said Famy Care has diluted a minority stakeof a little more than 10%. This person declined to be identified as the company has not yet announced the size of stake divested.
“We look forward to supporting Famy Care in its expansion into developed markets, and this investment reflects our belief in the Indian pharmaceutical industry,” said Peter Amour, chief executive officer, AIF Capital.
One of the largest generic manufacturers of oral contraceptives globally, Famy Care sells in emerging markets through both its own distribution channel and institutional contracts with global family care / population management organizations.
Last year, it partnered with US drug maker Mylan Inc to enter that market.
Famy Care’s chairman JP Taparia said in a Wednesday statement that having AIF Capital on board would help the company pursue its global expansion and growth plans.